OvaScience Reports Third Quarter Fiscal 2013 Financial Results
“We have continued to develop our EggPCSM technology platform
and move forward with our planned international commercial activities
for our first product candidate, AUGMENTSM,” said
Third Quarter and Recent Highlights
Sponsored Continued Medical Education Program at the
American Society of Reproductive Medicine/International Federation of Fertility Societies(ASRM/IFFS): Approximately 350 people attended the OvaSciencesponsored symposium on “Strategies to Maximize Total Reproductive Potential: Emerging Concepts,” which featured presentations by leading reproductive endocrinologists, embryologists and fertility researchers.
Hugh Taylor, M.D., world expert in endometriosis research at Yale School of Medicine, to Scientific Advisory Board. Also established a research agreement with Dr. Taylor to develop new treatments and diagnostic markers for endometriosis, a major cause of female infertility.
Provided an update on AUGMENT: Chose to suspend enrollment in
the AUGMENT Study in the U.S., pending further discussions with
FDA. Plans for international commercial activities continue and the Company has expanded its manufacturing capabilities through a global supplier with expertise in cell therapy manufacturing.
Participated in industry conferences and key advocacy events:
Healthcare Innovations Conference; Innovation Forum“Next 25 Years of Biotech” ( Boston Chamber of Commerce), and the annual meetings of leading patient advocacy groups including the American Fertility Association(AFA), RESOLVE and RESOLVE New England.
Third Quarter 2013 Financial Results
Net loss for the three months ended
September 30, 2013was $6.9 million, or ($0.40)per share, as compared to net loss of $3.1 million, or ($0.42)per share, for the three months ended September 30, 2012. The increase was primarily due to higher personnel costs including stock-based compensation expense due to significant organizational growth and AUGMENT development expenses.
Research and development expense for the three months ended
September 30, 2013was $3.3 million, compared to $1.6 millionfor the same period in 2012. The increase was mostly due to higher personnel costs, including stock-based compensation expense, laboratory equipment impairment and greater AUGMENT contract research organization and consulting expenses.
General and administrative expense for the three months ended
September 30, 2013was $3.7 million, as compared to $1.5 millionfor the same period in 2012. The increase was largely due to higher personnel costs, including stock-based compensation resulting from significant organizational growth, as well as additional consulting and commercial preparation expenses.
September 30, 2013, OvaSciencehad cash, cash equivalents and investments of $49.6 million.
Therapeutic Area Partnership Conference(Windover), November 18-20, Boston, MA
Oppenheimer & Co.Healthcare Conference, December 10-11, 2013, New York, NY
This press release includes forward-looking statements about the prospects for the Company’s technology in addressing female infertility, the Company’s strategy, future plans and prospects, including statements regarding the planned discovery, development and commercialization of the Company’s product candidates, as well as statements regarding the Company’s international commercialization plans, product pipeline, discussions with
– Financial Tables to Follow –
|(A development stage company)|
|Condensed Consolidated Balance Sheets|
|September 30,||December 31,|
|Cash and cash equivalents||$||21,077||$||14,776|
|Prepaid expenses and other current assets||841||574|
|Total current assets||50,407||31,965|
|Property and equipment, net||730||756|
|Liabilities and stockholders’ equity|
|Total current liabilities||2,156||2,086|
|Other non-current liabilities||65||7|
|Total stockholders’ equity||49,004||30,721|
|Total liabilities and stockholders’ equity||$||51,225||$||32,814|
|(A development stage company)|
|Condensed Consolidated Statements of Operations|
|(In thousands, except per share data)|
|Three Months||Nine Months|
|September 30,||September 30,|
|Research and development||$||3,262||$||1,595||$||8,518||$||3,892|
|General and administrative||3,663||1,525||9,603||5,428|
|Total operating expenses||6,925||3,120||18,121||9,320|
|Loss from operations||(6,925)||(3,120)||(18,121)||(9,320)|
Net loss applicable to common
Net loss per share applicable to
|$ (0.40)||$ (0.42)||$ (1.14)||$ (2.69)|
Weighted average number of common
Theresa McNeely, 617-299-7356
EVP, Strategic Corporate Communications